Smarter Accounting is happy to help Devon business owner clients make the most of HMRC’s new Making Tax Digital (MTD) requirements with a variety of market-leading compliant digital accounting software, training and advice.
From next April 2020, companies that exceed the £85,000 VAT revenue threshold will no longer be able submit VAT returns manually. Instead, companies will need to use HMRC-compliant software to track and submit the returns automatically. This kind of automatic online filing has a number of advantages.
Using digital accounting software like Xero, Sage and QuickBooks is faster and means you are less likely to make mistakes. It also frees up your accountant to focus on giving you the best possible business advice, rather than meticulously checking over your VAT returns.
MTD will be extended to income tax and corporation tax as early as April 2020, so even if your business isn’t above the VAT threshold, it is worth getting ahead of the competition and preparing for the changes now.
Traditional accountants are not ready for MTD
Despite the implementation of HMRC’s new Making Tax Digital (MTD) system creeping up on small business owners across the UK, almost half of the country’s accountants are not ready to advise clients on getting their house in order for the new regime.
Research from Intuit has found 44% of accountants feel they do not know much about MTD, with 30% admitting to knowing little, or nothing at all, about HMRC’s new scheme – thus creating a worrying prospect for businesses who need help getting ready.
Traditional spreadsheet and paper-based accountants that don’t offer digital, cloud-based software will struggle to provide an HMRC-compliant service to their clients after the first MTD deadline.
Our Smarter team have broken down everything you need to know about Making Tax Digital so you can get up to speed, and just as importantly, ensure you avoid any fines come April next year when the VAT element of the new system is launched.
As Xero Gold Partners, QuickBooks Platinum and Sage Accountant Partners, Smarter Accounting are digital accounting experts. We also provide the necessary training, advice and support at each stage of the process to help you as much as possible. We work smarter for our clients. For more information on our MTD services, please contact our helpful team or pop into your local Smarter Accounting branch in Teignmouth or Crediton near Exeter. Contact us >>